November 2009 Vol. 236 No. 11

Projects

Russia Seeking Investors To Develop Yamal Reserves

rime Minister Vladimir Putin said that Russia is open to the possibility of foreign companies investing in the hydrocarbon-rich Yamal Peninsula, albeit in partnership with Russian firms.

His comments signal a further subtle shift in policy toward foreign energy companies as the economic downturn and the reality of the hefty expense to Gazprom of developing Yamal resources by itself has a search for external investment.

Partnerships with foreign energy companies on Yamal are likely to be modeled after the Shtokman project, giving them the option to participate via a minority stake in a development company while Gazprom retains control. Yamal has an estimated 12 Tcm of gas reserves and Gazprom’s launch last year of the Yamal “Mega-Project” aims to bring 360 Bcm/y of gas production on stream eventually.